- Brevan Howard Asset Management has raised over $1 billion to invest in the crypto ecosystem
- GEM Digital Limited committed $50 million to decentralized agriculture protocol XION Finance
Money-making gaming companies and services remain popular among investors looking to pump money into the crypto space.
More recently, Andreesen Horowitz (a16z) injected $6 million into Web3 startup Halliday, which enables its gaming clientele to buy and use digital assets in the metaverse. Hashed, a_capital, SV Angel and other investors also participated in the financing.
In a blog post, Halliday co-founders Akshay Malhotra and Griffin Dunaif wrote, “We are grateful that some of the best backers in the world share our passion for what we are building.
Vance Spencer, co-founder of Framework Ventures, told Blockworks that gaming startups remain a popular investment for investors because three billion people around the world play games and half a billion people earn less than $5. per day but have an internet connection.
“There’s a huge latent market for play-to-earn games,” Spencer said.
Outside of gaming, crypto funding has been quieter than usual over the past week, but investors are still committed to building startups in the space.
Most notably, Brevan Howard Asset Management has raised over $1 billion from institutional investors to launch the largest crypto hedge fund of all time.
The European hedge fund has previously been wary of the crypto space, leaning on the side of caution ahead of the bear market. Its latest increase implies that the fund will soon take a much more active role in supporting the development of cryptocurrency startups.
A decentralized agricultural protocol on the BNB and Gnosis chains, XION Finance, said in a statement that it had secured a $50 million investment commitment from Bahamas-based GEM Digital Limited, a digital asset investment that claims to have invested in more than 30 utility tokens globally. .
The company plans to use the funds to provide “everyday users the ability to earn high returns, trade assets across multiple chains, and the ability to invest in Tier 1 projects,” said Ronan Quarmby, Founder. of XION Finance and CEO of XION Global. the statement.
GEM Digital has also committed $25 million in funding for Geeq, a multi-blockchain platform that uses a patent-pending blockchain consensus mechanism.
“With GEM’s capital commitment, we are poised to bring businesses and individuals into the metaverse and Web3,” Ric Asselstine, CEO of Geeq, said in a statement.
GEM Digital’s parent company, GEM Capital, says it is “a $3.4 billion alternative investment group that manages a diverse set of emerging-markets-focused investment vehicles across the world”.
Other adventure rounds this week include:
- EtherMail, a Web3 messaging solution or anonymous and encrypted wallet-to-wallet communication, has secured a $3 million fundraising, led by Fabric Ventures and Greenfield One
- Blockchain data startup founded by former Coinbase employee, Coherent, secured $4.5 million from Foundry Group
- Play-to-earn startup Skrmiish has raised a $2.5 million seed led by Launch Africa.
- Bits, an alternative crypto investment app with a similar concept to Acorns, raised a $1.2 million pre-seed led by HOF Capital.
- Estonian blockchain analytics startup Cookie3 has secured a $2.5 million seed round from The Spartan Group.
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